Warner Bros. Discovery, Inc.'s board of directors urged shareholders to reject Paramount Skydance’s hostile takeover bid for the company, arguing that it poses "significant" risks and costs. The media behemoth said Wednesday that members of its board determined that the tender offer from Paramount Skydance was "not in the best interests" of the company or its shareholders, and that they continue to "unanimously" recommend the Netflix merger.Warner Bros. Discovery agreed to sell its film and television studios and streaming platform, HBO Max, to Netflix in a cash-and-stock deal valued at $27.75...

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